The SEC has announced a settlement in its lawsuit against Bitcoin exchange Bittrex. The regulator announced that the exchange agreed to pay $ 24 million in a lawsuit against Bittrex and its former CEO.
Bitcoin exchange has reached an agreement with the SEC, it will pay millions of dollars in penalties!
The United States Securities and Exchange Commission (SEC) filed a complaint in April alleging that Bittrex and William Shihara operated an unregistered exchange, separately accusing Bittrex Global. The SEC has announced a deal with Bittrex and its co-founder and former CEO William Shihara. Thus, the stock exchange and the former CEO accepted the charge of ‘running an unregistered stock exchange’.
The SEC said in an Aug. 10 notice that Bitcoin exchange Bittrex and Bittrex Global have agreed to pay $14.4 million in damages, $4 million in injunctive interest and $5.6 million in civil penalties to resolve the legal dispute with the federal regulator.
The agreement must be approved by the court
However, it is worth noting that the agreement is still subject to court approval. SEC executive director Gurbir Grewal made the following statement regarding the Bitcoin exchange:
Its former CEO, William Shihara, described the deal as a “good outcome”. He also noted that the U.S. needs to “strike a balance between the need to encourage innovation, encourage entrepreneurs, and protect consumers.” Shihara served as the CEO of Bittrex from its inception in 2014 until its departure in 2019.
parofix.comThe SEC filed a complaint in April alleging that Bitcoin exchanges Bittrex and Shihara operate an unregistered national securities exchange, broker and clearing house. The financial regulator has also filed a separate enforcement action against Bittrex Global. The subject of this lawsuit is Bittrex Global’s single order book business with Bittrex.
Bittrex has faced sanctions before
Meanwhile, the U.S. Department of the Treasury filed sanctions actions against Bittrex in October 2022. As a result, the company was forced to accept a $29 million deal. In March, the exchange announced plans to cease operations in the United States. He claimed that this move was due to the country’s regulatory environment. The Bitcoin exchange, however, was on May 11th. The department filed for bankruptcy.
As of August 10, the SEC’s lawsuits against many crypto firms are continuing. These include Binance, Coinbase, Ripple Labs, and Terraform Labs. Many U.S. lawmakers and industry leaders are critical of the SEC. They say they don’t like the approach of “regulating the cryptocurrency ecosystem through sanctions.”
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Bitcoin exchange has reached an agreement with the SEC, it will pay millions of dollars in penalties!
The United States Securities and Exchange Commission (SEC) filed a complaint in April alleging that Bittrex and William Shihara operated an unregistered exchange, separately accusing Bittrex Global. The SEC has announced a deal with Bittrex and its co-founder and former CEO William Shihara. Thus, the stock exchange and the former CEO accepted the charge of ‘running an unregistered stock exchange’.
The SEC said in an Aug. 10 notice that Bitcoin exchange Bittrex and Bittrex Global have agreed to pay $14.4 million in damages, $4 million in injunctive interest and $5.6 million in civil penalties to resolve the legal dispute with the federal regulator.
The agreement must be approved by the court
However, it is worth noting that the agreement is still subject to court approval. SEC executive director Gurbir Grewal made the following statement regarding the Bitcoin exchange:
The former CEO of the Bitcoin exchange welcomed the deal!
Its former CEO, William Shihara, described the deal as a “good outcome”. He also noted that the U.S. needs to “strike a balance between the need to encourage innovation, encourage entrepreneurs, and protect consumers.” Shihara served as the CEO of Bittrex from its inception in 2014 until its departure in 2019.
parofix.comThe SEC filed a complaint in April alleging that Bitcoin exchanges Bittrex and Shihara operate an unregistered national securities exchange, broker and clearing house. The financial regulator has also filed a separate enforcement action against Bittrex Global. The subject of this lawsuit is Bittrex Global’s single order book business with Bittrex.
Bittrex has faced sanctions before
Meanwhile, the U.S. Department of the Treasury filed sanctions actions against Bittrex in October 2022. As a result, the company was forced to accept a $29 million deal. In March, the exchange announced plans to cease operations in the United States. He claimed that this move was due to the country’s regulatory environment. The Bitcoin exchange, however, was on May 11th. The department filed for bankruptcy.
As of August 10, the SEC’s lawsuits against many crypto firms are continuing. These include Binance, Coinbase, Ripple Labs, and Terraform Labs. Many U.S. lawmakers and industry leaders are critical of the SEC. They say they don’t like the approach of “regulating the cryptocurrency ecosystem through sanctions.”
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along on and Telegram and YouTube Join our channel!
parofix.com
